- The Indian Gem & Jewellery Industry, represented by organizations such as the Gem & Jewellery Export Promotion Council (GJEPC), Bharat Diamond Bourse (BDB), The Mumbai Diamond Merchants Association (MDMA), Surat Diamond Bourse (SDB), and Surat Diamond Association (SDA), has jointly issued an appeal for a voluntary suspension of rough diamond imports
- Trade bodies have urged individual companies to take measures to support the artisans during this period, thereby ensuring that there is no adverse impact on their livelihoods
The Indian gem and jewellery industry has taken a unanimous decision to voluntarily halt the import of natural rough diamonds from 15th October to 15th December, 2023. This strategic move is aimed at addressing imbalance in demand and supply. This voluntary cessation of importing natural rough diamonds will not affect the processing and manufacturing activities within the industry. Additionally, factories in India traditionally observe a closure period of nearly two weeks during the Diwali festival in the second week of November.
In early September, Vipul Shah, Chairman, GJEPC, reached out to global mining companies, expressing the Indian diamond industry’s concerns. Recognising the situation, a meeting of leading 100 diamantaires was convened by GJEPC on 26th September, 2023, to assess the current situation of the global diamond industry. In response to the evolving dynamics of the diamond market, the industry has taken proactive steps to ensure its resilience and future growth.
Vipul Shah states, “The GJEPC, along with industry leaders, remains committed to the long-term sustainability and growth of the global natural diamond industry. This collective endeavour reflects the industry’s resilience and determination to navigate through these times and emerge stronger than ever before. We believe that exploring mechanisms to manage the supply and prices of natural diamonds through such temporary actions can be instrumental in bringing balance to the market. This will help protect value of the asset and increase consumer confidence.”
“This appeal solely aims to voluntary halt the import of natural rough diamonds, while allowing diamond manufacturing factories to continue their operations without interruption. Additionally, we urge for measures to be taken to support the artisans during this period, thereby ensuring that there is no adverse impact on their livelihoods.”
Independently, the GJEPC is dedicated to rejuvenating demand in significant markets with the help of all other trade bodies, Govt. of India, the Natural Diamond Council, the rough diamond mining companies and like-minded bodies in USA.
- In mid-September, a gala function was organised during the Hong Kong show to create a positive awareness around diamonds.
- Simultaneously, the Council is also exploring alternative markets such as Vietnam, Cambodia, Myanmar, Thailand and others.
- This year, a dedicated diamond section within the India International Jewellery Show (IIJS), resulted in a noticeable boost in demand of diamonds in the Middle East and Indian subcontinent.
From the supply perspective, it has been noted that Diamond miners rely on the midstream to gauge the demand for rough diamonds and respond with corresponding levels of supply. This puts the onus on the midstream to transmit real levels of demand by translating its need for supply of rough diamonds to all mining companies.